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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (21647)	6/14/2004 11:28:34 PM
From: AC Flyer	Read Replies (1) \| Respond to of 306849

>>you mean people earning under 35K? Why does that matter, they pay payroll taxes which are more abusive than federal income taxes and are regressive to boot.<< You're long on dogma, Lizzie, short on facts. Approximately 30% of Americans filing tax returns - a projected 44 million filers in 2004 - pay no taxes. Period. Nada. They pay nothing. Zero. That includes FICA, which is returned to these tax filers in the form of the Child Tax Credit and the EITC. Many of these filers, approximately 25% of total tax filers, pay negative income tax. In other words, they get a net payment from the government. Btw, George Bush's Economic Growth and Tax Relief Reconciliation Act of 2001, pilloried by knee-jerk socialists, has increased the number of zero tax payers in the US by almost 50%, from 29.9 million in 2000 to 44 million in 2004. So much for tax cuts for the rich, eh? The icing on the cake is that these 44 million zero or negative FICA payers are eligible to receive social security payments at statutory retirement, just like the rest of us. taxfoundation.org